Southwest Valley shows signs of home values rebound

Foreclosures continue to bring down home values in most Southwest Valley cities, although some areas are starting to see an upswing. Goodyear and Tolleson saw median home values increase in 2010 and most other cities saw declines in the single digits, a relief after the drastic drop in values over the past five years. Half of the ZIP codes in the Southwest Valley saw some increase in values, according to an Arizona Republic analysis of data from the Information Market. "Last year was a hard year - there was that kind of value despair," said Angela Fairlie, an Avondale real-estate agent. "I think we're on the upswing, but it's going to be kind of a roller coaster. It will be up and down, up and down until the country feels a little more settled." Upper-end homes take a hit Higher-end homeowners, who tended to stay put during the height of the housing crisis, are beginning to feel more heat as values continue to decline. "Short sales and foreclosures are hitting the upper-end properties," said Coldwell Banker broker Greg Marthaler, who sells homes in the Southwest Valley and Surprise. "Instead of folks doing strategic defaults and walking away, many are trying to do the right thing. I don't think anybody is exempt from foreclosure." Litchfield Park, for example, saw 2010 median home values slide by 14.2 percent compared with 2009, while cities with less-expensive homes saw drops largely in the single digits.

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